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TAG Oil Announces Filing of First Quarter Financial Results

TAG Oil reported its first quarter financial results for the period ended June 30, 2010. Copies can
be obtained through the Company’s website.

Vancouver, Canada, August 31, 2010 --(PR.com)-- TAG Oil Ltd., (TSX-V: TAO) a Canadian-based
production and exploration company with operations in New Zealand today reported its first quarter
financial results for the period ended June 30, 2010. Copies of these documents can be obtained
electronically at: www.sedar.com or through the Company's website:
http://tagoil.com/financial-reports.asp.

The Company recorded production revenue of $1.8 million and net income for the three-month period of
$119,439. Expenditures on the Company's oil and gas properties during the quarter totaled just over $2
million and related primarily to the Company's optimization program and pilot testing of downhole
heating technologies at the Cheal oil and gas field.

The Company ended the first quarter of the 2011 fiscal year with 37,638,231 shares outstanding
(43,637,446 fully diluted), with $25.9 million in cash and with $25.7 million in working capital.

TAG Oil Ltd.


TAG Oil Ltd. is a Canadian-based company with international operations in New Zealand. The Company
holds a drill-ready prospect inventory that covers more than 3,500 sections of land in the Taranaki and
East Coast basins, including a 100% interest in the producing Cheal oil and gas discoveries now under
appraisal and development.

In the East Coast Basin, TAG is planning a drilling campaign to further investigate the major
unconventional resource potential that has been demonstrated in the Waipawa and Whangai fractured
shale source-rock formations that are widespread across the Company's acreage. The geological
characteristics of these formations compare favorably to oil-rich shale formations such as the Bakken
Shale in the Williston Basin and Liassic Shale in the Paris Basin.

Contact:
Dan Brown or Garth Johnson
TAG Oil Ltd. 1-604-682-6496
Website: http://www.tagoil.com/

Forward-Looking Statements:
Statements contained in this news release that are not historical facts are forward-looking statements that
involve various risks and uncertainty affecting the business of TAG Oil. Actual results may vary
materially from the information provided in this release. As a result there is no representation by TAG Oil
that the actual results realized in the future will be the same in whole or in part as those presented herein.
Actual results may differ materially from the results predicted, and reported results should not be
considered as an indication of future performance. Factors that could cause actual results to differ from

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those contained in the forward-looking statements are set forth in, but are not limited to, filings that the
Company and its independent evaluator have made, including the Company's most recent reports in
Canada under National Instrument 51-102.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.

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Contact Information:
TAG Oil Ltd.
Dan Brown
1-604-682-6496
media@tagoil.com
www.tagoil.com

Online Version of Press Release:


You can read the online version of this press release at: http://www.pr.com/press-release/259085

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